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Website by Jessica Bell and Jonathan Bell
RENTAL CONVERSION PROGRAM
Do you own a house or apartment that you rent seasonally? Have you considered offering it as a year-round rental? The Regional Housing Authority can help you become part of the Island's housing solution. The Rental Conversion Program provides homeowners with generous incentives to renting year-round. The program offers rental services to homeowners and rental assistance to eligible tenants. The program also offers no-interest loans for the rehabilitation of substandard dwellings to safe, energy-efficient, affordable year-round rentals.
The RHA has established a maximum adjusted fair market rent that will be used in determining the contract rent for your house on a case-by-case basis.
Rental Services:
RHA offers the following services free of charge:
• Inspection of rental units and pre-screening of tenants;
• Maintenance of rental wait list;
• Tenant placement - managing rental application, leasing-up and lease renewal process;
In addition to these rental services, homeowners have the following options:
Rental Assistance:
RHA provides subsidies, payable directly to homeowners, to benefit certified tenants for eligible rental units. The subsidy pays the difference between the tenant's share of the rent and the contract rent for the unit. The terms and conditions of the rental assistance include:
• The contract rent for rentals is determined on a case-by-case basis and cannot exceed the adjusted fair market rent (adjusted annually);
• The rental assistance is guaranteed and made directly to the homeowner;
• Tenant is responsible for their share of the rent, utilities and any security deposit required by the homeowner.
Rental Rehabilitation Loan Program:
Another program the DCRHA offers is no interest, long-term loans for homeowners to rehabilitate or winterize their house or apartment for year-round rentals. Loan premiums are deducted directly from the contract rent as rental assistance for an eligible tenant for the length of the loan (5-10 years). The terms and conditions of the program include:
• Loans may not exceed $20,000 per 800 sq. ft. of rental unit, to maximum of $40,000 per loan;
• Minimum loan is $10,000;
• Term of loan is from 5-10 years with a buy-out clause.
For more information, please contact the Dukes County Regional Housing Authority at 508-693-4419.
The Rental Conversion Program has been made possible through funding from the Island Affordable Housing Fund.